TL;DR
-
FTX’s new CEO, John J. Ray III, wants to relaunch the exchange
-
Here’s the argument against the move: centralized crypto exchanges require a lot of user trust, and FTX ab.so.lute.ly nuked that trust when it collapsed last year.
-
Here’s the argument in favor of the move: to coax users back to the platform, FTX would need to be so stupidly safe, transparent, and compliant…it could become a selling point.
-
Is this enough? Probably not. But this idea is only being floated in the hopes that FTX can replace its users’ lost funds, and make them whole again.
Full Story
Remember when Myspace came back from the dead and started taking market share from Facebook?
Of course you don’t! It never happened.
The idea of that happening makes more sense to us than the potential revival of FTX – but it isn’t stopping FTX’s new CEO, John J. Ray III, from toying with the idea!
Here’s the argument against the move:
Centralized crypto exchanges require a lot of user trust, and FTX ab.so.lute.ly nuked that trust when it collapsed last year.
A MASSIVE rebrand (the likes of which haven’t been seen) would be needed to change peoples’ gut reaction when they hear the letters f-t-x muttered in succession.
And while crazier things have happened, it all feels too soon for something like this to have a half-decent margin of success.
Here’s the argument in favor of the move:
FTX 2.0 would be one of the most highly scrutinized exchanges out there.
To coax users back to the platform, they’d need to be so stupidly safe, transparent, and compliant…that it could become a selling point.
The sales pitch being:
“Sam Bankman-Fried is gone, the adults have taken the wheel – and they can’t afford to upset you!”
Is this enough?
Probably not.
But this idea is only being floated in the hopes that FTX can replace its users’ lost funds, and make them whole again.
With that in mind, we have our fingers/toes crossed that ol’ John J. can pull of the magic trick.
…that said, we’re not holding our breath.
